Definitions for "Clearing Bank"
Commercial banks that collect and disburse funds relating to issued cheques.
The clearing bank facilitates cash settlement among the trading members and dealers. Currently the clearing banks are HFDFC Bank, Global Trust Bank and Canara Bank.
A member bank of a national check/cheque clearing system. In England the clearing banks are Barclays, Coutts, Lloyds, Midland and National Westminster. In Scotland The Bank of Scotland, Clydesdale Bank and The Royal Bank of Scotland.